Short-term pain of demonetisation will pave way for long-term gains: PM Modi

New Delhi, December 8

Prime Minister Narendra Modi on Thursday defended his move to ban Rs 500 and Rs 1000 notes saying it will lead to long-term gains.

In a series of tweets, Modi highlighted how demonetisation was making a serious dent on black money and the need for India to focus on cashless transactions.

“The Government’s decision has several gains for farmers, traders, labourers, who are the economic backbone of our nation,” Modi tweeted.

It was on November 8 night that Modi announced that Rs 500 and Rs 1,000 notes would no longer be legal tender.

He said the move was aimed at battling corruption, black money, terror financing and fake currency.

On Thursday, Modi said: “We also have a historic opportunity to embrace increased cashless payments and integrate latest technology in economic transactions.”

He urged the young to help make India corruption free and ensure more cashless transactions.

“Together we must ensure that India defeats black money. This will empower the poor, new middle class and benefit future generations,” Modi said.

As the demonetisation drive completed a month, the Opposition marked it as a ‘Black Day’, with 16 parties protesting inside the Parliament complex. Opposition leaders had black bands on them to protest the government’s move.

More than two weeks of the winter session of Parliament has been lost to disruptions over Opposition protests over the government’s November 8 decision to recall high-value notes, sending the economy reeling . They want the debate on the issue with a vote, a demand the BJP has rejected.


Modi ropes in Nandan Nilekani to boost process of digital payments post demonetisation


New Delhi, December 8


New Delhi: Narendra Modi government has roped in Nandan Nilekani to help in boost the process of digital payments and encourage people to embrace a digital and cashless economy.

Nilekani, a member of the Congress party, who unsuccessfully contested the 2014 Lok Sabha elections from Bengaluru South against BJP’s Ananth Kumar, and his 13-member committee has been entrusted with the job to get more people adopt to digital payments.

The former Infosys chief executive had recently spoken in favour of demonetisation saying, “shock given to the currency” will boost digital economy.

The former chairman of the Unique Identification Authority of India also opined that the “need of the hour” should be “cashless payments to merchants”, which will go a long way in boosting digital economy.

Unified Payments Interface has been initiated by various banks in order to promote digital transactions.

About 30 banks including SBI, PNB and Canara Bank have their individual platforms.

UPI is an indigenously developed platform by National Payments Corporation of India (NPCI) and set up with the support of the Reserve Bank and Indian Banks Association (IBA).

With this new payment method, mobile phones are used as virtual debit cards and a customer is able to send or receive money instantly along with other features.

Prime Minister Narendra Modi, who has contended that large volume of liquid cash is a big source of corruption and black money, recently appealed to the people to lead the change towards cashless transactions to lay a strong foundation of an India where there is no place for such malaise.

In a historic decision Modi government on November 8 decided to scrap Rs 500 and Rs 1000 notes with an aim of ending corruption and black money.


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